The financial commitment

The financial commitment

The financial commitment

From Fasar Khan

Securing the right financing for your new business is crucial, as there is no guarantee that your business will make money for you straight away.

You should aim to have sufficient reserves to last you for several months without an income from your business.

You need to be honest about your start-up capital reserves. If there is not enough money to see you through until your business begins to make money, then you are not ready to start up. Being realistic at this stage is likely to save a lot of pain. If you decide to launch your new business without enough funding behind it, keeping it afloat will prove extremely difficult.

There are many different sources of potential start-up funding, including bank loans, overdrafts and private loans.

For expert help, contact an accountant, small business adviser or your bank manager.

Government help

The government has launched a package of financial measures that will help viable businesses with temporary cashflow difficulties. These supplement existing government help already available.

Some of these products are subject to specific availability and not all of the schemes are available nationwide or in all regions.

Government guaranteed lending

The government has launched a package of financial measures that will help enable banks to continue or resume lending to viable businesses with temporary cashflow difficulties.

Be prepared to research all possible options, and to negotiate with the lender, to get the best deal for your business. Since these are commercial products, participating lenders will determine individual borrowing eligibility.

Government guaranteed lending through the new Enterprise Finance Guarantee (EFG) is open to businesses with an annual turnover of up to 25 million who are currently not easily able to access the finance they need. This will enable businesses to secure loans of between 1,000 and 1million. Note: all lending decisions will be at the discretion of the bank supplying the loan.

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